LCR vs. AOA

Last updated Jun 25, 2026

LCR (Leuthold Core ETF) and AOA (iShares Core 80/20 Aggressive Allocation ETF) are both Diversified Portfolio funds. LCR is actively managed, while AOA is passively managed. Over the past 5 years, LCR returned 6.62%/yr vs 8.70%/yr for AOA. Their correlation of 0.91 suggests significant overlap in exposure. LCR charges 0.79%/yr vs 0.15%/yr for AOA.

Performance

LCR vs. AOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leuthold Core ETF (LCR) and iShares Core 80/20 Aggressive Allocation ETF (AOA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LCR achieves a 3.16% return, which is significantly lower than AOA's 8.15% return.

LCR

• 1D: -0.08%
• 1M: 0.18%
• YTD: 3.16%
• 6M: 2.28%
• 1Y: 11.39%
• 3Y*: 10.55%
• 5Y*: 6.62%
• 10Y*: —

AOA

• 1D: -0.03%
• 1M: -0.21%
• YTD: 8.15%
• 6M: 7.34%
• 1Y: 20.12%
• 3Y*: 16.65%
• 5Y*: 8.70%
• 10Y*: 10.74%

*Multi-year figures are annualized to reflect compound growth (CAGR)

LCR vs. AOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
LCR Leuthold Core ETF	3.16%	12.43%	8.68%	12.80%	-7.58%	12.12%	13.56%
AOA iShares Core 80/20 Aggressive Allocation ETF	8.15%	19.59%	13.55%	18.27%	-16.23%	15.42%	12.61%

Correlation

The correlation between LCR and AOA is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 6, 2020	0.91

The correlation between LCR and AOA has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

LCR vs. AOA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LCR

LCR Risk / Return Rank: 46
LCR Sharpe Ratio Rank: 47
LCR Sortino Ratio Rank: 47
LCR Omega Ratio Rank: 45
LCR Calmar Ratio Rank: 42
LCR Martin Ratio Rank: 51

AOA

AOA Risk / Return Rank: 60
AOA Sharpe Ratio Rank: 60
AOA Sortino Ratio Rank: 60
AOA Omega Ratio Rank: 62
AOA Calmar Ratio Rank: 56
AOA Martin Ratio Rank: 65

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

LCR vs. AOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leuthold Core ETF (LCR) and iShares Core 80/20 Aggressive Allocation ETF (AOA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	LCR	AOA	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.81	-0.35
Sortino ratio: Return per unit of downside risk	2.10	2.53	-0.42
Omega ratio: Gain probability vs. loss probability	1.26	1.34	-0.07
Calmar ratio: Return relative to maximum drawdown	1.90	2.46	-0.56
Martin ratio: Return relative to average drawdown	7.72	10.68	-2.96

LCR vs. AOA - Sharpe Ratio Comparison

The current LCR Sharpe Ratio is 1.46, which is comparable to the AOA Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of LCR and AOA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

LCR vs. AOA - Drawdown Comparison

The maximum LCR drawdown since its inception was -17.44%, smaller than the maximum AOA drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for LCR and AOA.

Drawdown Indicators

	LCR	AOA	Difference
Max Drawdown Largest peak-to-trough decline	-17.44%	-28.38%	+10.94%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-8.20%	+2.18%
Max Drawdown (3Y) Largest decline over 3 years	-8.59%	-12.94%	+4.35%
Max Drawdown (5Y) Largest decline over 5 years	-13.40%	-23.62%	+10.22%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.38%	—
Current Drawdown Current decline from peak	-1.39%	-2.11%	+0.72%
Average Drawdown Average peak-to-trough decline	-2.82%	-4.04%	+1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	1.89%	-0.41%

Volatility

LCR vs. AOA - Volatility Comparison

The current volatility for Leuthold Core ETF (LCR) is 2.89%, while iShares Core 80/20 Aggressive Allocation ETF (AOA) has a volatility of 4.43%. This indicates that LCR experiences smaller price fluctuations and is considered to be less risky than AOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LCR	AOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	4.43%	-1.54%
Volatility (6M) Calculated over the trailing 6-month period	6.40%	9.33%	-2.93%
Volatility (1Y) Calculated over the trailing 1-year period	7.86%	11.24%	-3.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.08%	13.08%	-4.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.40%	13.51%	-2.11%

LCR vs. AOA - Expense Ratio Comparison

LCR has a 0.79% expense ratio, which is higher than AOA's 0.15% expense ratio.

Dividends

LCR vs. AOA - Dividend Comparison

LCR's dividend yield for the trailing twelve months is around 1.33%, less than AOA's 2.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOA iShares Core 80/20 Aggressive Allocation ETF	2.08%	2.18%	2.30%	2.22%	2.10%	1.67%	1.71%	2.50%	2.37%	5.09%	2.26%	2.15%
LCR Leuthold Core ETF	1.33%	1.37%	1.86%	1.60%	0.75%	0.21%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LCR and AOA in my portfolio?

With a correlation of 0.91, LCR and AOA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, LCR or AOA?

AOA has higher volatility (4.43%) compared to LCR (2.89%). In terms of maximum drawdown, LCR dropped -17.44% vs AOA's -28.38%.

Which ETF is better, LCR or AOA?

On 5-year performance, AOA leads with 8.70% vs 6.62% for LCR. On fees, AOA is cheaper at 0.15% per year. On volatility, LCR has been the lower-risk option at 2.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LCR or AOA?

Over the 5-year period, AOA has performed better with a 8.70% return vs 6.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LCR or AOA?

AOA is cheaper with a 0.15% expense ratio, compared with 0.79% for LCR.

Which ETF pays a higher dividend yield, LCR or AOA?

AOA has the higher dividend yield at 2.08%, compared with 1.33% for LCR.

What is the main difference between LCR and AOA?

They also come from different issuers: The Leuthold Group LLC and iShares. Their fees differ too: 0.79% for LCR and 0.15% for AOA.

Which has better risk-adjusted returns?

AOA currently has the higher Sharpe Ratio (1.81 vs 1.46), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.